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A BILL TO BE ENTITLED
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AN ACT
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relating to the limitation on the amount that may be charged for |
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certain debt cancellation agreements. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 348.601(b), Finance Code, is amended to |
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read as follows: |
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(b) The amount charged for a debt cancellation agreement |
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made in connection with a retail installment contract may not |
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exceed five percent of the amount financed pursuant to the retail |
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installment contract [must be created in good faith and be
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commercially reasonable]. Section 348.124(c) does not apply to a |
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debt cancellation agreement regulated under this subchapter. |
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SECTION 2. EFFECTIVE DATE. This Act takes effect September |
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1, 2013. |